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Colored Gemstone Miner Enters Into Voluntary Bankruptcy
After failing to find the necessary funding in time to meet its September 2016 expenses, True North Greenland A/S has initiated voluntary bankruptcy proceedings.
The Aappaluttoq ruby and pink deposit and mine in southwest Greenland is True North Gems Greenland’s main asset.
Vancouver, B.C.--True North Gems Inc. announced that its operating subsidiary, True North Gems Greenland A/S, has started voluntary bankruptcy proceedings.
The subsidiary’s main asset is the Aappaluttoq ruby and pink deposit and mine in southwest Greenland, which initiated mining operations in December.
True North Gems Inc. owns 76 percent of the outstanding shares of TNGG, with the remaining owned by LNS Denmark APS (17 percent) and Greenland Venture A/S (7 percent).
The company said that it has worked with various financing groups over the past year to secure the necessary funding and also has been in negotiations with other major creditors and interested parties to enable True North Gems Greenland to continue operations.
However, the attempts were unsuccessful and the subsidiary was unable to recapitalize in time to meet its September 2016 expenses, leading the board to instruct management to begin the proceedings to file for bankruptcy.
The Greenlandic Court has appointed trustees to administrate on behalf of the subsidiary regarding the mine and the associated license and assets and who will inform its creditors about any proposed material actions respecting the subsidiary or its assets. (Its biggest creditor is True North Gems Inc., followed by the LNS Group and then Greenland Venture.)
True North still holds a 100 percent interest in the Baffin Island Property, located in the Canadian territory of Nunavut, and the company also may seek to acquire an interest in a new mineral property.
The board of directors also remains intact, the company said in a release.
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